Hedera Hashgraph (HBAR) price has bounced back in the past few days as the sentiment in the crypto market improves. After bottoming at $0.068 last week, the token has rebounded by over 33% to the current $0.090. It remains much lower than the year-to-date high of $0.1412.
Key Hedera Hashgraph news
Hedera Hashgraph’s price has mirrored the performance of Bitcoin, the biggest coin in the world. HBAR surged to a high of $0.1412 in March as Bitcoin moved to a record high of $73,500. It then retreated as BTC lost momentum.
Still, Hedera has made several important headlines as the developers seek to grow their ecosystem. First, the network was selected by Abrdn as it prepares to launch its first tokenized money market fund. Hedera was an obvious choice for Abrdn since it is part of its governance council and that it is one of the lowest-cost blockchains in the market.
Most analysts believe that tokenization will be the next big thing in the financial market as it will make assets more available to a wider audience. We have already seen Blackrock launch BUIDL, a fund with millions in assets.
Second, Hedera Hashgraph has continued to grow its ecosystem. It recently launched Stablecoin Studio, a platform that helps people and companies launch their stablecoins. Stablecoins on Hedera will benefit from its low prices and high transaction costs.
Further, the network has added more companies to its governance council. The most notable of these companies are BitGo, a leading crypto custodian, Mondelez, and Australian Payment Plus.
Still, Hedera Hashgraph faces several challenges. For one, SaucerSwap, its biggest Decentralized Exchange (DEX) has seen reduced transactions lately. It handled just $932k coins in the past 24 hours, making it the 115th DEX in the industry.
Hedera Hashgraph’s total value locked (TVL) has also been left behind by many other networks. It has a TVL of over $124 million while newer networks like Arbitrum and Sui have over $1 billion in assets.
HBAR price forecast
The daily chart shows that the HBAR price bottomed at $0.0683 last week. This was an important price since it was the lowest level in January and February this year. The Relative Strength Index (RSI) has moved from the oversold level of 30 to almost 50. Also, the two lines of the MACD have formed a bullish crossover.
However, Hedera remains below the 50-day Exponential Moving Average (EMA), signaling that bears are still in control.
Therefore, the outlook for Hedera Hashgraph is neutral. More upside will only be confirmed if the coin moves above the 50-day moving average at $0.10. This price also coincides with the highest point in January. A break above that level will open the possibility of it retesting the YTD high of $0.14.
Contributors
